(1) Except as otherwise provided in this section, the Uniform Consumer Credit Code applies to sales, leases, and loans made in this state and to modifications, including refinancings, consolidations, and deferrals, made in this state, of sales, leases, and loans, wherever made. For purposes of the Uniform Consumer Credit Code:
(2) With respect to sales made pursuant to a revolving charge account (Section 2-108), the Uniform Consumer Credit Code applies if the buyer's communication or indication of his intention to establish the account is received by the seller in this state. If no communication or indication of intention is given by the buyer before the first sale, the Uniform Consumer Credit Code applies if the seller's communication notifying the buyer of the privilege of using the account is mailed or personally delivered in this state.
(3) With respect to loans made pursuant to a lender credit card or similar arrangement (subsection (9) of Section 1-301), the Uniform Consumer Credit Code applies if the debtor's communication or indication of his intention to establish the arrangement with the lender is received by the lender in this state. If no communication or indication of intention is given by the debtor before the first loan, the Uniform Consumer Credit Code applies if the lender's communication notifying the debtor of the privilege of using the arrangement is mailed or personally delivered in this state.
(4) The part on limitations on creditors' remedies (Part 1) of the article on remedies and penalties (Article 5) applies to actions or other proceedings brought in this state to enforce rights arising from consumer credit sales, consumer leases, consumer loans, or extortionate extensions of credit, wherever made.
(5) If a consumer credit sale, consumer lease, or consumer loan, or modification thereof, is made in another state to a person who is a resident of this state when the sale, lease, loan, or modification is made, the following provisions apply as though the transaction occurred in this state:
(6) Except as provided in subsection (4), a sale, lease, loan, or modification thereof, made in another state to a person who was not a resident of this state when the sale, lease, loan, or modification was made is valid and enforceable in this state according to its terms to the extent that it is valid and enforceable under the laws of the state applicable to the transaction.
(7) For the purposes of the Uniform Consumer Credit Code, the residence of a buyer, lessee, or debtor, is the address given by the person as his or her residence in any writing signed by such person in connection with a credit transaction. Until such person notifies the creditor of a new or different address, the given address is presumed to be unchanged.
(8) Notwithstanding other provisions of this section:
(9) Except as provided in subsection (8), the following agreements by a buyer, lessee, or debtor are invalid with respect to consumer credit sales, consumer leases, consumer loans, or modifications thereof, to which the Uniform Consumer Credit Code applies:
(10) The following provisions of the Uniform Consumer Credit Code specify the applicable law governing certain cases:
(11) Notwithstanding other provisions of this section, the Uniform Consumer Credit Code applies to sales, leases and loans, including modifications, refinancing, consolidations and deferrals thereof, entered into between a resident of this state while in this state, and a seller, lessor, lender or assignee of a seller, lessor or lender via the Internet or any other electronic means.
Added by Laws 1969, c. 352, § 1-201, eff. July 1, 1969. Amended by Laws 2015, c. 319, § 1, eff. Nov. 1, 2015.